PRICE ANALYSIS: BITCOIN | | Tech News

PRICE ANALYSIS: BITCOINApril 11, 2018Bitcoin price has been straddling the $6600 – $7000 rangefor the past week. The market seems to be in consolidation. Its 67% correctionsince $20k has left most bruised, bloodied, and broken.Many reasons can be attributed to this, but more recent newsinvolving George Soros and Rockefeller may be most prevalent at this time. Theinstitutional money is here, and it’s bringing high frequency tradingalgorithms with it.This may seem bullish for the overall future of Bitcoin, butmake no mistake, this is bad news for retail investors. Regardless, let’s takea look at the BTC/ USD chart for Coinbase.Bull CaseUnless you trade at lower time frames, 1D chart doesn’t seemto have much support from the bulls. Price may gain temporary support from VPVRat its current state, for a short move to the upside.Testing the median line of B-Bands at around $7230. Withenough momentum price may push $7500 levels. However this rally won’t besustainable because OBV invalidates the uptrend, and VPVR will provideresistance at those levels.Bear CasePrice action may never test the median and may go down totouch lower B-Band at $6200. But first it will have to breach support at $6600provided by VPVR. Leading indicator OBV suggests that price will respect thedowntrend in the near future. MACD is pretty useless right now. Happy trading!

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